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European Stocks Sink to July Lows on China, Interest Rate Woes

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European stocks extended their decline to the lowest level since July, dragged lower by renewed worries over China’s property sector and concerns around a higher-for-longer narrative from central banks.

The Stoxx 600 Index fell 0.6% at the close in London, with technology and real estate sectors among the biggest laggards. Semiconductor-equipment maker ASM International NV fell after giving earnings guidance that underwhelmed investors. Luxury stocks including Richemont and LVMH dropped after Morgan Stanley cut earnings estimates for the industry, citing weakness in China.

Stocks extended losses further on Tuesday afternoon as Minneapolis Fed President Neel Kashkari said he sees 40% probability that the US central bank needs to push rates higher, which is more than what is priced by markets at the moment.

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